Schedule C Sole Proprietorship Income Tax Examples 2018 2019

A detailed explanation of sole proprietorship schedule C income taxes.
See links to jump to relevant points in the video below
1:10 Tax Forms & Line Items Involved
13:09 Schedule C Data Entry
30:18 Are You Self-Employed?
44:53 Business Owned and Operated by Spouses
50:26 What’s New for 2018
1:05:41 Self-Employment (SE) Tax
1:20:22 Which Forms Must I File?
1:27:31 Employment Taxes
1:35:43 Accounting Periods and Methods Introduction
1:44:09 Cash Method
2:00:45 Accrual Method
2:20:49 Combination Method
2:24:16 Accounting for Your Income
2:32:10 How to Figure Cost of Good Sold Introduction
2:36:13 Figuring Cost of Good Sold on Schedule C
2:44:30 Business Expenses Introduction
2:51:46 Car and Truck Expenses
3:06:43 Example – Cart and Truck Expenses
3:20:01 Depreciation Deduction
3:38:09 Example – Depreciation Deduction
3:50:44 Employees’ Pay Deduction
4:00:54 Example – Employees Pay Deduction
4:10:50 Insurance Deduction
4:20:59 Example – Insurance Deduction
4:29:59 Interest Deduction
4:36:49 Legal and Professional Fees Deduction
4:40:32 Pension Plans
4:52:40 Rent Expense Deduction
5:03:04 Taxes Deduction
5:18:45 Travel and Meals
5:24:36 Business Use of Your Home
5:40:36 Example – Business Use of Your Home

Publication 334
https://www.irs.gov/pub/irs-pdf/p334.pdf

What Can I Deduct?
To be deductible, a business expense must be both ordinary and necessary. An ordinary ex-pense is one that is common and accepted in your industry. A necessary expense is one that is helpful and appropriate for your trade or busi-ness. An expense does not have to be indis-pensable to be considered necessary.
Even though an expense may be ordinary and necessary, you may not be allowed to de-duct the expense in the year you paid orincurred it. In some cases, you may not be al-lowed to deduct the expense at all. Therefore, it is important to distinguish usual business ex-penses from expenses that include the follow-ing.
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The expenses used to figure cost of goods sold.
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Capital expenses.
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